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William Hill Warns Prime Minister Over FOBTs Rule Change

William Hill warns prime minister over FOBTs rule modification

15 May 2018

ByDominic O’Connell
Today Programme Business Correspondent

The chairman of bookie William Hill has actually cautioned the prime minister his firm risks being purchased by a foreign competitor if it is damaged by brand-new betting rules.

In a letter to Theresa May, Roger Devlin said modifications to the quantity that can be banked on High Street gambling devices could hit tasks and revenues.

the yohaig code federal government is anticipated to reveal imminently a decision on its review fixed-odds betting terminals.

He proposed harder guidelines on adverts and a levy to assist problem gamblers.

Currently, fixed-odds wagering terminals (FOBTs) allow players to stake approximately ₤ 100 every 20 seconds.

An evaluation’s interim findings suggested cutting the optimal stakes to ₤ 30, however there have been reports that the amount might be cut to just ₤ 2.

Anti-gambling advocates, who have called the fixed-odds devices the “fracture cocaine” of betting, support the relocation.

Bookies, however, have actually cautioned that such a cut would result in the closure of countless outlets, a huge reduction in tax paid to the Treasury, and would have knock-on impacts on the horse racing market.

‘Catastrophic’

Bookmakers support horse racing through a market levy and offering cash prize.

Mr Devlin’s letter, first reported by Sky News and seen by the BBC, gaming was “incredibly well controlled”.

He wrote: “Sadly, I fear that your federal government is about to decide that is unneeded and doing not have in evidence – a decision that will also be disastrous for a retail betting market using over 40,000 people.”

“Consolidation within our sector continues and I would also not wish to see the impact of a disproportionate … outcome being an element in the name of William Hill being contributed to the yohaig code list of companies now in foreign ownership,” he stated.

Mr Devlin said William Hill supported a restriction on betting marketing on tv before the watershed, and a levy on the industry to pay for education and treatment of problem bettors.

Mr Devlin, who was appointed chairman of the bookie earlier this promotion code year, is also chairman of the housebuilder Persimmon, which has actually been racked with controversy over a generous executive pay scheme.

Shares in William Hill have been hit hard by worries that fixed-odds stakes would be cut, falling sharply last month on reports that the chancellor, Philip Hammond, would not oppose the move.

On Monday, however. William Hill shares leapt after the US Supreme Court bied far a ruling that would permit states to legalise sports betting, opening a huge prospective new market to gambling companies.

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